Blog

Displaying blog entries 21-29 of 29

Avoid Surprises: Know Your Homeowner’s Coverage

by Sid Lezamiz

 

            The typical homeowner’s policy includes coverage for perils and losses due to fire, lightning, tornadoes, windstorms, hail, explosions, smoke, vandalism, and theft. Just as you would scrutinize the terms of your medical insurance, the nuances and details of your homeowner’s policy should be examined seriously. Too often, homeowners sign up for a policy and go on autopilot regarding its terms and coverage without taking new acquisitions, risks, and increasing value of their homes into consideration. Most insurance agents recommend a regular “check-up” for consumers, so that homeowners are not left “high and dry” when disasters and losses strike.-Lezamiz Real Estate Co.

Don't follow the Leader

by Sid Lezamiz

If we stop and think through the process we tend to buy homes when everyone else is.  That also happens to be when sellers can ask more for their homes because of demand.  On the opposite side when we hear in the media that houses are not selling we tend to not purchase because “no one else is”.  For many buyers, now is the perfect time to buy.  Home prices are lower, mortgage interest rates are low and there are more residential homes to choose from.  Buyers need to be ahead of the crowd and access their own situation to see if they are just frozen in place out of fear.  I encourage buyers to get educated about their current situation.  Talk to your banker to find out what your credit score is.  Find out what incentives are available for homebuyers and take advantage of them.  Talk to a Real Estate agent to find out what is happening in the Twin Falls market rather than the national market.  Get to know what new “green” products are available to make your home more energy efficient.

We cannot predict when the housing market will change.  However, when it does it will have seemed to have happened overnight and we will all be wondering how we missed the opportunity. Kym Lott

New to Real Estate

by Sid Lezamiz

I recently joined Lezamiz Real Estate Company not quite understanding how Real Estate works. By the end of my first week I realized what a huge importance a Real Estate office is. I worked for a nation wide Pizza Chain in Twin Falls for 10 yeas, in those 10 years I learned that customers are the most important thing when it comes to being successful, with out customers and return customers staying open every day is kind of tough. Understanding that customers expect us to give them a result for what they have paid for and that seeing things from their end is even more important. I also spent 3 years in the wireless industry in sales, I learned so much about making the sale and informing the customer of every detail about their service. What I have learned here so far is how much goes into selling or buying a home from listing to closing every person here is key for all of the tough questions. I realize how many people it takes to sell your home and what a challenge it is to try to buy one. All of the people here at Lezamiz Real Estate Company have shown their commitment and skills in making Real Estate a wonderful experience and I would not want to venture into buying or selling a home with out them. You need an agent to make sure your future home is purchased right and the laws of land ownership are told to you so in the future there are no mistakes in the home buying/ selling process. Josh/Sales Manager/Lezamiz Real Estate Company

The Closing Process

by Sid Lezamiz

One of the advantages of using Lezamiz Real Estate Company is our knowledge and expertise in assisting the closing process.  We have years of experience and professional training to market, prequalify buyers, price homes and assist in reading and understanding the Title Commitment. 

In selecting a Title Company, you will also be assigned a closing officer for your transaction.  The roll of the Escrow closing officer is an independent third party that acts solely on signed instructions from both the buyer and seller.  In addition, those instructions must be compatible with the instructions from the lender in the event of a new loan.  Only when the instructions of all parties in the transaction have been met does the escrow officer exchange monies and instruct the title department to record the transfer of title to the new owner. Whether buying or listing in Twin Falls or the Magic Valley, it is a good idea to use a Real Estate professional.  Your agent has contacts and the wherewithal to effectively market and move the transaction forward to a timely conclusion.- Lezamiz Real Estate Company

 

We Will Help

by Sid Lezamiz

I don’t think there is anyone that hasn’t felt like they were tapping into their children’s college fund just to fill up their gas tank over the last 6 months.  It seems that we are seeing price increases on all of our necessities from gas to groceries all over the Twin Falls and the Magic Valley. We have had to make adjustments to family budgets and start thinking about conservation on a new level.  Is this a good time to buy a new home or put your current home on the market? This might be your next financial decision.

Now that we are seeing fuel prices start to decrease will we continue to conserve in anticipation of what will rise next?  What can we do to prepare for rising costs in the future?   And how do we know what to think of this Real Estate Market?  How do you know when to buy or not a buy a home?  Lezamiz Real Estate Company will help you with theses tough questions. We need to stay focused on the future rather than the past. -Kym Lott

The Importance of Title Insurance

by Sid Lezamiz

When purchasing real estate in Twin Falls the Magic Valley, the buyer wants concrete evidence that their new home is free of title defects. Generally, the contract of sale requires the seller to provide the buyer a guarantee that the property is unencumbered by any legal attachments that might limit or jeopardize ownership. 

If you are relocating, or moving to a new home in Twin Falls, it is imperative as one would not know the history of the home you are purchasing. At Lezamiz Real Estate Company, we know how important this is for the buyer.  One wants to be certain that they are fully protected against errors in public records, hidden defects not disclosed by public records, or mistakes in examination of the title, fraud or forgery.- Scott/Alliance Title Company

Real Estate Technology

by Sid Lezamiz

 
Technology has impacted the world with ideas such as the World Wide Web to cell phones. To the average person, the advancement of technology is simply amazing to the eyes. To a real estate profession; we live by it, breath it, we even dream of it. One of the essentials to succeed in making our time more productive and efficient with Real Estate is technology. Lezamiz Real Estate Company is constantly working with new technology, to provide you with most current property listings and give you communication for your Real Estate needs.

Technology is defined as tools, both material and immaterial, created by society to implement into our daily lives for better control in society’s environment. Used in our field of Real Estate, we are quickly able to search and locate the perfect place for our clients to call home in Twin Falls or the Magic Valley.

Cell phones such as Blackberry Curves and Palm Pilots keep us at Lezamiz Real Estate Company maintaining our list of contacts and enable us to access the internet at any time. A person may connect the cell phone, via Bluetooth or USB cable to a   laptop for instant internet connection. Emailing through cell phones and computers is an inexpensive yet effective way to reach out to clients showing homes in the Twin Falls or Magic Valley area.

This is a portion of tools used to succeed in our Real Estate world. These systems are being updated daily as we remain cutting edge on the leading edge of technology. When we say we live by technology, breath technology, and even dream of technology… we really do.-Suda Thirakul

 

 

Changing Times

by Sid Lezamiz
 
Every day signals changes in the real estate world, and, with those changes, it’s easy to wonder how we are being affected here in the Magic Valley. A quick, non-scientific look at the statistics may shed some light on home sales in Twin Falls, Jerome, Filer, and Kimberly, Idaho. The following remarks stem from data taken from the Intermountain Multiple Listing and only deals with Single Family, Residential homes in the above mentioned cities.
 
A Buyer’s Market
Without a doubt, the Magic Valley Market continues to act as a strong Buyer's Market. This means that the number of homes listed for sale far outweighs the demand of home buyers. Through the first quarter of 2008, there were 609 Single Family homes available for sale. Of those 609 homes listed, 205 have sold. That means an average of 33.66% of the homes listed were sold.  The percentage of homes sold to homes listed continues to decline from the buying frenzy of 2005 and 2006 when homes sold averaged 76.06% and 66.64% of homes listed, respectively.
 
Of those 205 homes sold in Q1 2008, the sales price was 96.56% of the list price. In other words, if you listed your home for $100,000, you could expect to sell your home for $96,560.00.
 
Q1 2008 - Magic Valley VS. IMLS
 
Total Listed
Num Sold
Pct Sold
Sale Price/List Price Ratio
 
Magic Valley
609
205
33.66%
96.56%
 
IMLS
8,893
2,305
25.92%
96.87%
 
 
Two of the most significant changes in the Market come from a drastic drop in land sales and a large glut of new construction homes. A precipitous drop in land sales, where in 2005, over 71% of all land sold, to a dismal 13.3% of lots listed being sold in 2007, coupled with a current home inventory of over 271 new homes on the Magic Valley Market, leads us to believe that we will see a continued Buyer's Market for the foreseeable future. If you look at the Magic Valley’s current Absorption Rates, you’ll find that in homes priced from $100,000 to $300,000, we have an average inventory of 5.06 Months.
 
What about the Seller?
So, is this Doom and Gloom for the Magic Valley?  Absolutely not!  We see a good upward tick in homes sold in the $120,000 to $199,999 range.  Additionally, if you compare the number of homes sold in Q1 2008 (205) to those sold in Q1 2001 (231), we are only off pace by 26 homes.  For some of the “Old Timers” in real estate, the years leading up to the extraordinary 2005 to 2006 season were actually very good.  Of equal importance, the value of the homes sold have risen over 60% from a median price of $90,000 in 2001 to over $140,000 in 2008.  The median price of homes in the Magic
 
 
Valley has raised a whopping $54,000 in the past seven years.
 
So, if you are selling your home, you’ll want to look at three important factors.  First, be willing to take a realistic approach to the value you ask for when pricing your home for sale.  Second, set yourself apart from the masses and pay attention to the details of your home's physical appearance.  Finally, you’ll need to offer some incentives to buyers such as assistance for closing costs, upgraded appliance packages, or provide the Buyers with an inspection of the property with a copy of the corrected repairs.
 
Finally, if you are a Buyer, now is a great time to purchase a home.  Prices for homes in the Magic Valley have flattened and mortgage rates are still hovering between 5.5% to 6.5% on any given day.  While cheap, no money down loans are as extinct as the Dodo bird, Buyers can still find good FHA loans and have the Seller pay for their 3% down payment in the cost of the home.  This is essentially a zero-down loan.
 
 
 
 

Good News! Good News!

by Sid Lezamiz
After months and months of gloom and doom, it is finally here.  Good News!!!  Yes indeed, interest rates are at a phenomenal low of 5.25% and dropping on a 30 year fixed rate mortgage.  What does this mean to you, the consumer?  This means you can buy more home for less money.  They buying opportunities are also there.  Buyers who are pre-qualified for a loan have a good selection of new and existing inventory of homes at an affordable price to choose from.

The local newspaper called me a few days ago to confirm...is it true?  Yes, yes I gasped, it's Good News!  The local newspaper heard rumblings that traffic (meaning actual showings of homes) as well as sell counts (number of home sales) were up as well as interest rates, new home inventory, new home starts, the existing home market, market absorption rate, lower, middle and upper end real estate sales... The reporter, burst out, What had he been thinking?  He, too, needed to jump on this opportunity; it was the time to buy a home, and put this cheap money to work for him.

I always find it interesting when people say they want to wait and see if the market or rates will go lower before they buy.  How does one determine when the market has hit bottom?  When the market rebounds and is on its way back up.  Many try to time this window of opportunity.  However, few are successful.

So, how does one get started?  Get yourself professional help.  Contact a Real Estate professional and have them explain the process.  They can provide help organizing information on what is needed for the loan pre-qualification process and work hand in hand with a loan officer, who will determine which type of mortgage loan best fits your needs and when to lock in on the ever changing mortgage interest rate. 

So, don't wait.  Get started today and put your hard earned money to work, utilizing the tax benefits of owning your own home, and you too will be the proud owner of the "American Dream," Homeownership.

Displaying blog entries 21-29 of 29

Contact Information

Lezamiz Team
Lezamiz Real Estate Co.
705 Fillmore, Suite 1
Twin Falls ID 83301
Office: 208-734-7007
Fax: 208-732-5384